Mindanao House at Paseo de San Francisco de Sales 15, on Madrid’s posh Chamberí is possibly the most upmarket new development to come onto the market during the crisis. It is now finished and homes are being handed over.
Conceived in the boom, it was originally going to be developed by Banco Pastor, then the developer Nozar (in court administration for years, likely to be liquidated), then Pastor again. In the end it was Banco Popular who financed the development, after a long hiatus when the crisis first struck.
Now I read in the real estate blog Inmodiario that the building is finished and the homes delivered, but owners are furious about the quality of the finish, and the sales service.
Apparently the fixtures and fittings are not the quality you would expect, and the kitchens are too small, as are the parking spaces.
Sounds a bit like the Diagonal Mar development in Barcelona, also finished by a bank, with less than impressive fixtures and fittings (but spectacular views and a great location).
Then there’s the commercial service – typical old-school Spanish developer. Apparently clients were kept in the dark at all times. The development’s blog hasn’t been updated since March 2013. The Mindanao House Facebook page since May 2013. It’s not clear who’s managing the commercial side: Domus Capital Partners or Colliers International. In this day and age it’s so easy and cheap to keep clients informed of progress, which clearly isn’t happening in the case of Mindanao House. I was hoping that this kind of service was a thing of the past…